HDFC Life, Alberta Invest Rs 667 Cr in India Grid Trust

29 Aug, 2024

HDFC Life, Alberta Invest Rs 667 Cr in India Grid Trust

India Grid Trust (IndiGrid) has secured significant investments from Alberta Investment Management Corporation (AIMCo) and HDFC Life, totaling Rs 667 crore. AIMCo, one of Canada's largest and most diversified institutional investment managers, will invest Rs 567 crore, while HDFC Life will contribute Rs 100 crore. This investment is part of IndiGrid's preferential issue process, launched on Tuesday, aimed at raising Rs 695 crore through the primary issuance of units priced at Rs 136.43 per unit.

The preferential issue follows the successful conclusion of an offer-for-sale (OFS) by KKR, which reduced its unitholding in IndiGrid from 21.17 percent to 3.85 percent. Harsh Shah, CEO of IndiGrid, expressed delight in welcoming AIMCo and HDFC Life as esteemed investors, highlighting the company's commitment to enabling accretive growth. Ahmed Mubashir, Managing Director at AIMCo, emphasized their enthusiasm in supporting IndiGrid's growth journey with this equity injection.

Ambit Capital and SBI Caps are managing the preferential issue process for IndiGrid, further solidifying the trust's position in the market. This strategic investment reinforces IndiGrid's growth trajectory and its appeal to reputable global and domestic investors.